China Three Gorges buys 570 MW of Spanish solar


From pv magazine Spain.

Chinese state-owned power company Three Gorges New Energy Co (CTGE) has won the race to acquire a 572 MW Spanish solar plant portfolio owned by Madrid-based, Canadian-U.S.-controlled developer X-Elio.

The Chinese company said the solar plants were built in the last 20 months and added, the acquisition “will strengthen CTGE’s presence in Europe, in addition to its investments in Portugal, Germany and the United Kingdom and Greece.” The transaction is expected to be finalized in the second half, pending regulatory approvals.

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The 13 solar projects in question are valued at €500-600 million. Business intelligence company Bloomberg last month reported China Three Gorges and state-owned peer Shanghai Electric would be the likeliest buyer after X-Elio ruled out rival suitors including Spanish power company Iberdrola.

X-Elio, which claims to own 41 solar plants in a dozen countries, is controlled by Canadian investor Brookfield Renewable Partners LP and U.S. private equity house KKR.

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